123Net bought by telecom investment firm

SOUTHFIELD–Grain Management LLC, a telecommunications investment firm, announced hat it has agreed to acquire a majority interest in 123NET, a Southfield-based fiber internet, colocation, and business voice services provider.

Founded in 1995, 123Net has built an expansive 3,100 route mile network including long haul and dense metro fiber network in Michigan’s largest cities. 123Net’s network is further enhanced by Michigan’s largest carrier hotel and its high-density data centers in metro Detroit and Grand Rapids. 123Net’s innovative internet exchange quickly became the world’s largest fee-free exchange and North America’s ninth highest traffic exchange overall.

“123Net’s operations have continuously grown through a series of strategic investments that ultimately created one of the Midwest’s largest and most significant telecom enterprises,” said Dan Irvin, 123Net CEO. “Grain is a sophisticated investor that shares our values and unwavering commitment to best-in-class service for Michigan businesses and communities. Together, our capable teams and combined resources will better enable us to serve current customers while attracting new opportunities, including expanding our high-density, A.I.-capable data centers and pursuing BEAD funding to improve affordable, reliable connectivity to unserved and underserved areas.”

Added Raghav Nayar, managing director at Grain: “Grain’s partnership with 123Net is the culmination of a multi-year relationship with this long-standing and experienced management team, and we are thrilled to be partnering with them. We think very highly of the disciplined, analytics-driven culture at 123Net, and we believe our synergy enables us to achieve even greater results together.”

Founded in 2007, Grain invests in fiber networks, data centers, wireless spectrum, cell towers, as well as managed and infrastructure services. The company has offices in Washington, D.C., New York City, Sarasota, Fla., and London. Its nine investment funds have raised over $6 billion. For more information visit www.graingp.com.

Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.